June 16, 2011


Isaksen quits Cermaq CEO post     



Geir Isaksen, CEO of Norwegian fish farming and fish feed company, Cermaq ASA, notified the Board that he will be leaving the organisation on Tuesday (Jun 14).


He has accepted the position as CEO of NSB Group, Norway's largest transport group. However, he will continue as CEO of Cermaq until September 30, 2011.


The Board of Cermaq said it will immediately initiate the recruitment of a new CEO to replace Isaksen who has been CEO since 1996.


Cermaq ASA, previously called Statkorn Holding AS, is the parent company of the fish feed company, EWOS and the fish farming company, Mainstream with operations in Norway, Scotland, Canada and Chile.


Chair of the Board, BÃ¥rd Mikkelsen said, "The Board regrets the resignation of Isaksen, but understands his decision and expresses its gratitude for his determined and dedicated efforts as CEO over a period of 15 years.


"Isaksen has been responsible for the restructuring of the company's operations from grain trading to aquaculture, and the strategic development of Cermaq into a leading global company within farming of salmon and trout and production of fish feed. Under his leadership, Cermaq has grown to a solid company, with a strong financial position, good performance and operations in all regions, and a competent organisation."


CEO Geir Isaksen commented, "It has been a privilege to take part in building Cermaq to a leading global player in the aquaculture industry. I choose to leave Cermaq at a point in time when the operations and the organisation are sound at all levels, and the results are good. It is now time to pass on the responsibility to other good forces that can further build the company based on this fundament. Thus, I am excited to take on new challenges in the NSB Group."

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